IVVW vs SPYI: Grades, Fees and Holdings Compared

iShares S&P 500 BuyWrite ETF

IVVWACboe

Neos S&P 500(R) High Income ETF

SPYIACboe

Overlap

97.0%by weight

Expense ratio

IVVW −0.43pt a year

IVVW0.25%SPYI0.68%

Avg volume · 30D

SPYI 65.1×the volume

IVVW41.5KSPYI2.7M

IVVW vs SPYI Performance

Oct 31, 2025 – Oct 30, 2026

+13.4%IVVW+11.9%SPYI

Expense ratio: IVVW 0.25%, better; SPYI 0.68%
Fund size: IVVW $348M; SPYI $12.5B
1Y total return: IVVW +13.4%, better; SPYI +11.9%
Yield (12M): IVVW 18.55%, better; SPYI 12.06%
Holdings: IVVW 506; SPYI 504
Avg volume (30D): IVVW 41.5K sh; SPYI 2.7M sh, better
NAV per share: IVVW $44.40; SPYI $52.42
52W range

ETF.net Grade

Pillar letters and Scores for IVVW, SPYI, with each pillar’s weight
Pillar	IVVW	SPYI
Cost30% weight	A96Higher	C45
Mission25% weight	A100	A100
Risk15% weight	C53Higher	C46
Tradability15% weight	C53	A98Higher
Holdings10% weight	A75	A80Higher
Durability5% weight	A72	A83Higher

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. IVVW and SPYI are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds

See all 51 ›

IVVW ranks 3rd and SPYI 9th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 4AGPIXGoldman Sachs S&P 500 Premium Income ETFScore 78
Rank 8AFYEEFidelity Yield Enhanced Equity ETFScore 73
Rank 9ASPYINeos S&P 500(R) High Income ETFScore 72
Rank 9ATPUTT. Rowe Price Capital Appreciation Market Opportunities ETFScore 72

Our read on each fund

ETF.net Research

IVVWAiShares S&P 500 BuyWrite ETF

SPYIANeos S&P 500(R) High Income ETF

In short

IVVW BlackRock's version of the covered call: hold the whole S&P 500 through the iShares Core fund, sell one-month index calls struck 1% out of the money, pay the premium out monthly. All for a quarter-point fee.

SPYI SPYI owns the S&P 500 and layers an SPX call spread on top: sell calls for premium, buy further-out calls to leave some room to climb. Monthly payouts, index-option tax treatment, running since 2022.

Stated mandate

IVVW The fund seeks to track an index strategy that holds the iShares Core S&P 500 ETF and sells one-month call options primarily on the S&P 500 Index to generate income. The short option position is intended to be offset by the fund’s long position in the underlying ETF.

SPYI The fund seeks high monthly income through investments in S&P 500 constituents and a data-driven call-option strategy, while retaining potential for equity appreciation in rising markets.

Why people hold it

IVVW Costs 0.25% a year against a category median near 0.60%. On an income strategy, that is less of the option premium quietly leaking out the door.
The calls sit 1% out of the money, so a slice of each month's rally still belongs to shareholders before the cap bites. At-the-money writers give that up.cboe.com
Rules over hunches: it tracks a Cboe index that pairs a long position in the iShares Core S&P 500 ETF with a short monthly S&P 500 call, rolled on a set schedule.cboe.com
Inside a crowded covered-call field where fat fees are the norm, this is one of the tighter builds in its peer group.

SPYI The overlay is a net-credit call spread: it sells SPX calls and buys further out-of-the-money calls, so the fund keeps some participation when the index rises.neosfunds.com sec.gov
Income comes from SPX index options, Section 1256 contracts taxed 60% long-term / 40% short-term regardless of holding period. Managers also pursue tax loss harvesting.neosfunds.com neosfunds.com 2
Pays monthly, and the portfolio matches the mandate closely: S&P 500 constituents plus the option overlay. A multi-billion-dollar fund that trades actively.

Worth knowing

IVVW Covered calls trade upside for income. Above the strike, the month's gain is capped, and the premium cushions losses rather than blocking them.cboe.com
Monthly payouts come from option premium, so they move with volatility instead of arriving as a fixed amount.
Launched in 2024 and moderately traded, so the live record is short and spreads can run wider than the category's biggest names.

SPYI At 0.68%, it prices above the typical fund in its options-income group (0.60% median), and cheaper index-option income peers exist, including IVVW at 0.25% and GPIX at 0.35%.
Neos discloses that distributions have been classified as return of capital, which hands back part of your own investment and lowers your cost basis.neosfunds.com
Writing calls trades away part of a rally. The fund aims to capture a portion of the index's upside, not the whole move.neosfunds.com neosfunds.com 2

Full IVVW profile⁠

Full SPYI profile⁠

IVVW vs SPYI Holdings

How IVVW and SPYI differ

Overlap by weight

97.0%

Shared holdings make up 98.3% of IVVW and 97.1% of SPYI.

Level by level

Holdings500 in both97.0%
Sector11 Sectors99.2%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in IVVW and SPYI, widest gap first
Sector	More in IVVWMore in SPYI	IVVW	SPYI
Industrials	IVVW +0.6 points	8.0%	7.4%
Communication	SPYI +0.4 points	8.9%	9.3%
Health Care	SPYI +0.1 points	9.8%	9.9%
Consumer Discretionary	SPYI +0.2 points	9.0%	9.2%
Materials	IVVW +0.2 points	1.7%	1.5%
Financials	SPYI +0.1 points	11.8%	11.9%
Consumer Staples	Same weight	4.8%	4.8%
Technology	SPYI +0.1 points	38.5%	38.6%
Utilities	Same weight	2.0%	2.0%
Real Estate	Same weight	1.7%	1.7%
Energy	Same weight	3.7%	3.7%

Country, concentration and asset class

Country by domicile

Country weights in IVVW and SPYI, widest gap first
Country	More in IVVWMore in SPYI	IVVW	SPYI
United States	IVVW +0.1 points	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	SPYI +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IVVW37.3%
SPYI37.6%

Securities held

IVVW503
SPYI504

Asset class

IVVW: Equity
SPYI: Equity

Holdings

Only in IVVW3
In both500
Only in SPYI4

Only in IVVW

3 securities, 1.6% of IVVW by weight

Berkshire Hathaway Inc Class B1.55%
Kenvue0.06%
Brown Forman Class B<0.01%

Only in SPYI

4 securities, 3.8% of SPYI by weight

Cash & Other2.24%
Berkshire Hathaway Inc1.51%
Brown-Forman Corp<0.01%
Abiomed Inc0.00%

Weight gaps

The 100 widest of 500 Holdings in both funds.

Holding weights in IVVW and SPYI, widest gap first
Holding	More in IVVWMore in SPYI	IVVW	SPYI
Kimberly ClarkKMB	SPYI +0.04 points	0.06%	0.10%
ChevronCVX	IVVW +0.04 points	0.71%	0.67%
Visa Class AV	IVVW +0.04 points	1.08%	1.04%
Meta Platforms Class AMETA	IVVW +0.04 points	2.08%	2.04%
SalesforceCRM	SPYI +0.03 points	0.29%	0.32%
Alphabet Class AGOOGL	IVVW +0.02 points	2.51%	2.49%
AppleAAPL	IVVW +0.02 points	7.70%	7.68%
MicrosoftMSFT	IVVW +0.02 points	5.93%	5.91%
Micron TechnologyMU	IVVW +0.02 points	1.53%	1.51%
WalmartWMT	IVVW +0.02 points	0.84%	0.82%
Lumentum HoldingsLITE	IVVW +0.02 points	0.11%	0.09%
Broadcom IncAVGO	IVVW +0.02 points	2.38%	2.36%
Amazon.com IncAMZN	IVVW +0.01 points	3.61%	3.60%
Western Digital CorpWDC	IVVW +0.01 points	0.20%	0.19%
Alphabet Class CGOOG	IVVW +0.02 points	2.03%	2.01%
Skyworks SolutionsSWKS	IVVW +0.01 points	0.03%	0.02%
Eli LillyLLY	IVVW +0.01 points	1.74%	1.73%
Dell Technologies Inc Class CDELL	IVVW +0.01 points	0.20%	0.19%
WelltowerWELL	IVVW +0.01 points	0.26%	0.25%
Ww Grainger IncGWW	IVVW +0.01 points	0.09%	0.08%
OracleORCL	IVVW +0.01 points	0.35%	0.34%
ModernaMRNA	IVVW +0.01 points	0.13%	0.12%
Mastercard Class AMA	IVVW +0.01 points	0.79%	0.78%
Equinix ReitEQIX	IVVW +0.01 points	0.15%	0.14%
Costco Wholesale CorpCOST	IVVW +0.01 points	0.69%	0.68%
Waters CorpWAT	IVVW +0.01 points	0.07%	0.06%
AutozoneAZO	IVVW +0.01 points	0.08%	0.07%
MsciMSCI	IVVW +0.01 points	0.07%	0.06%
Rockwell Automation IncROK	Same weight	0.07%	0.07%
Seagate Technology Holdings PLCSTX	Same weight	0.22%	0.22%
HumanaHUM	IVVW +0.01 points	0.08%	0.07%
T Mobile Us IncTMUS	IVVW +0.01 points	0.12%	0.11%
Wr BerkleyWRB	Same weight	0.03%	0.03%
Palo Alto NetworksPANW	IVVW +0.01 points	0.46%	0.45%
JPMorgan Chase & CoJPM	Same weight	1.37%	1.36%
Palantir Technologies Class APLTR	IVVW +0.01 points	0.65%	0.64%
United RentalsURI	IVVW +0.01 points	0.11%	0.10%
Idexx LaboratoriesIDXX	IVVW +0.01 points	0.07%	0.06%
Ge AerospaceGE	IVVW +0.01 points	0.48%	0.47%
StrykerSYK	IVVW +0.01 points	0.16%	0.15%
Constellation Energy CorpCEG	Same weight	0.13%	0.13%
Intel CorporationINTC	IVVW +0.01 points	0.50%	0.49%
Regeneron PharmaceuticalsREGN	IVVW +0.01 points	0.14%	0.13%
Twilio Class ATWLO	IVVW +0.01 points	0.05%	0.04%
Monolithic Power Systems IncMPWR	Same weight	0.09%	0.09%
QualcommQCOM	IVVW +0.01 points	0.27%	0.26%
DeereDE	IVVW +0.01 points	0.26%	0.25%
Arista NetworksANET	IVVW +0.01 points	0.27%	0.26%
Medtronic PLCMDT	SPYI +0.01 points	0.18%	0.19%
Gilead SciencesGILD	Same weight	0.32%	0.32%
Transdigm GroupTDG	IVVW +0.01 points	0.10%	0.09%
Cboe Global MarketsCBOE	Same weight	0.05%	0.05%
EbayEBAY	SPYI +0.01 points	0.07%	0.08%
Procter & GamblePG	IVVW +0.01 points	0.58%	0.57%
SouthernSO	IVVW +0.01 points	0.17%	0.16%
Accenture PLC Class AACN	Same weight	0.24%	0.24%
Ameriprise Finance IncAMP	IVVW +0.01 points	0.07%	0.06%
Martin Marietta MaterialsMLM	IVVW +0.01 points	0.05%	0.04%
Delta Air LinesDAL	SPYI +0.01 points	0.07%	0.08%
AbbVieABBV	IVVW +0.01 points	0.80%	0.79%
Intuitive SurgicalISRG	Same weight	0.23%	0.23%
Diamondback EnergyFANG	IVVW +0.01 points	0.07%	0.06%
Mckesson CorpMCK	IVVW +0.01 points	0.18%	0.17%
Analog DevicesADI	Same weight	0.31%	0.31%
Ventas ReitVTR	IVVW +0.01 points	0.07%	0.06%
Mettler ToledoMTD	Same weight	0.05%	0.05%
Datadog Inc Class ADDOG	Same weight	0.12%	0.12%
Lam ResearchLRCX	IVVW +0.01 points	0.46%	0.45%
Elevance Health IncELV	IVVW +0.01 points	0.14%	0.13%
Tesla IncTSLA	IVVW +0.01 points	1.73%	1.72%
Quest Diagnostics IncDGX	Same weight	0.04%	0.04%
Comfort Systems UsaFIX	IVVW +0.01 points	0.07%	0.06%
Fedex CorpFDX	IVVW +0.01 points	0.11%	0.10%
Crowdstrike Holdings Class ACRWD	Same weight	0.39%	0.39%
Teledyne TechnologiesTDY	IVVW +0.01 points	0.05%	0.04%
Expedia GroupEXPE	Same weight	0.05%	0.05%
PepsicoPEP	IVVW +0.01 points	0.29%	0.28%
JabilJBL	Same weight	0.04%	0.04%
Union PacificUNP	IVVW +0.01 points	0.28%	0.27%
Lockheed MartinLMT	IVVW +0.01 points	0.20%	0.19%
Carrier GlobalCARR	IVVW +0.01 points	0.07%	0.06%
Norfolk Southern CorpNSC	IVVW +0.01 points	0.12%	0.11%
Labcorp HoldingsLH	Same weight	0.04%	0.04%
Marathon PetroleumMPC	SPYI +0.01 points	0.19%	0.20%
Amgen IncAMGN	IVVW +0.01 points	0.39%	0.38%
Fedex Freight Holding Company IncFDXF	Same weight	0.02%	0.02%
Ares Management Class AARES	Same weight	0.04%	0.04%
Centene CorpCNC	Same weight	0.05%	0.05%
Linde PLCLIN	Same weight	0.36%	0.36%
Caseys General Stores IncCASY	IVVW +0.01 points	0.04%	0.03%
Thermo Fisher ScientificTMO	Same weight	0.39%	0.39%
Roper TechnologiesROP	Same weight	0.07%	0.07%
Air Products and ChemicalsAPD	IVVW +0.01 points	0.11%	0.10%
Darden Restaurants IncDRI	IVVW +0.01 points	0.04%	0.03%
Cisco Systems IncCSCO	SPYI +0.01 points	0.63%	0.64%
Johnson & JohnsonJNJ	IVVW +0.01 points	1.01%	1.00%
Willis Towers WatsonWTW	IVVW +0.01 points	0.05%	0.04%
West Pharmaceutical ServicesWST	Same weight	0.04%	0.04%
Trane Technologies PLCTT	IVVW +0.01 points	0.14%	0.13%
Emcor GroupEME	IVVW +0.01 points	0.05%	0.04%

All IVVW holdings⁠All SPYI holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IVVW vs SPYI Cost

Overpaying SPYI vs IVVW

$8,093

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IVVW 0.25%
$5,159
SPYI 0.68%
$13,252

Amount$10,000

Years30 years

Cost over time

IVVW 0.25%
SPYI 0.68%
Overpaying

Year by year

Year	IVVW	SPYI	Overpaying
10	$455	$1,215	$760
20	$1,769	$4,633	$2,864
30	$5,159	$13,252	$8,093

Expense ratio

0.25%IVVW, cheaper
0.68%SPYI

IVVW0.25%SPYI0.68%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

IVVW 2nd cheapest of 51 funds

SPYI 27th cheapest of 51 funds

IVVW vs SPYI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVVW 18.55%, better; SPYI 12.06%
Payout (12M): IVVW $8.25; SPYI $6.32
Last payment: IVVW $0.88; SPYI $0.51
Ex-dividend: IVVW Oct 2, 2026; SPYI Oct 21, 2026
Paid on: IVVW Oct 7, 2026; SPYI Oct 23, 2026
Frequency: IVVW Monthly; SPYI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IVVWMonthly · 31 paymentsAll IVVW payments⁠

SPYIMonthly · 46 paymentsAll SPYI payments⁠

IVVW vs SPYI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IVVW 7.3%since Apr 2024SPYI 8.7%
Return per unit of riskSharpe ratio, 3 years: IVVW 1.10since Apr 2024SPYI 1.45
Worst fallMax drawdown, 5 years: IVVW −16.8%since Mar 2024SPYI −16.5%since Aug 2022
Market sensitivityBeta, 5 years: IVVW 0.54SPYI 0.70; Market = 1

IVVW and SPYI in the news

All news⁠

ETF Filings
Defiance files AI index funds that may also buy private companies outside the index
Oct 30, 2026SPYI
ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026SPYI

Popular comparisons

IVVWAvsCSHIA
iShares S&P 500 BuyWrite ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.25% · 0.38%
Category
SPYIAvsCSHIA
Neos S&P 500(R) High Income ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.68% · 0.38%
Category
IVVWAvsBALIA
iShares S&P 500 BuyWrite ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.25% · 0.35%
Category
SPYIAvsBALIA
Neos S&P 500(R) High Income ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.68% · 0.35%
Category
IVVWAvsGPIXA
iShares S&P 500 BuyWrite ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.25% · 0.29%
Category
SPYIAvsGPIXA
Neos S&P 500(R) High Income ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.68% · 0.29%
Category

IVVW vs SPYI

In short

Stated mandate

Why people hold it

Worth knowing

How IVVW and SPYI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IVVW

Only in SPYI

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Defiance files AI index funds that may also buy private companies outside the index

Franklin Templeton files two PayDay ETFs that would pay every two weeks

How IVVW and SPYI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IVVW

Only in SPYI

Weight gaps